{"id":32895,"date":"2025-08-28T15:07:15","date_gmt":"2025-08-28T08:07:15","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=32895"},"modified":"2025-08-28T15:07:15","modified_gmt":"2025-08-28T08:07:15","slug":"en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/","title":{"rendered":"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>KEY HIGHLIGHTS<\/strong><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In the first six months of 2025, DXG recorded net revenue of VND 1,971 billion (-10% YoY), fulfilling about 28% of its annual target. The decline was mainly driven by its core business segment \u2013 real estate transfers \u2013 which heavily depends on the handover of the Gem Sky World project. On the other hand, the brokerage services segment witnessed a strong recovery thanks to the rebound in the real estate market. Through its subsidiary DXS (of which DXG owns nearly 56%), brokerage revenue reached VND 751 billion in 1H\/2025 (+58% YoY). The gross profit margin remained at a high level (65%), reflecting stable operational efficiency. This segment is currently the key growth driver, partially offsetting the weakness in the real estate business.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">During 2025\u20132026, DXG\u2019s sales growth momentum will mainly come from Gem Sky World (Dong Nai) and Gem Riverside (Ho Chi Minh City). These are two large-scale CRE projects with fully completed legal procedures, expected to make significant contributions to handover revenue as well as new sales.<\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In services, real estate brokerage (via DXS) will remain a key growth pillar in 2025 as the primary market regains momentum. The improvement in sales will drive higher demand for brokerage services, thereby supporting the company\u2019s overall profit margin<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtjai.com.vn\/wp-content\/uploads\/2025\/08\/EN-GTJASVN_DXG_Equity-Report_Updates-on-1H.2025-Earnings-and-Projects-Progress_Aug2025.pdf\">(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-32895","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025 - GTJA\" \/>\n<meta property=\"og:description\" content=\"KEY HIGHLIGHTS In the first six months of 2025, DXG recorded net revenue of VND 1,971 billion (-10% YoY), fulfilling about 28% of its annual target. The decline was mainly driven by its core business segment \u2013 real estate transfers \u2013 which heavily depends on the handover of the Gem Sky World project. On the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/\",\"name\":\"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025 - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2025-08-28T08:07:15+00:00\",\"dateModified\":\"2025-08-28T08:07:15+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025\"}]}]}<\/script>","yoast_head_json":{"title":"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025 - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/en-gtjasvn_dxg_equity-report_updates-on-1h-2025-earnings-and-projects-progress_aug2025\/","og_locale":"en_US","og_type":"article","og_title":"(EN) GTJASVN_DXG_Equity Report_Updates on 1H.2025 Earnings and Projects Progress_Aug2025 - GTJA","og_description":"KEY HIGHLIGHTS In the first six months of 2025, DXG recorded net revenue of VND 1,971 billion (-10% YoY), fulfilling about 28% of its annual target. The decline was mainly driven by its core business segment \u2013 real estate transfers \u2013 which heavily depends on the handover of the Gem Sky World project. 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